Obamanomics: Americans Too Broke To Go Bankrupt – Finance – Fox Nation
—-
http://nation.foxnews.com/finance/2012/05/07/obamanomics-americans-too-broke-go-bankrupt
—-

“It becomes harder and harder to pay off the debt as interest payments get higher, so your debt grows larger and larger,” she said.

The cost of filing for bankruptcy has risen in recent years as a result of the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act, which aimed to reduce the number of bankruptcies taking place by adding more requirements to the filing process — including additional paperwork and the credit counseling and debtor education.